Cemex upbeat on Gresik deal

Cemex upbeat on Gresik deal

MONTERREY, Mexico (Dow Jones): Mexico-based cement giant Cemex SA said Tuesday that its successful bid for Indonesia's PT Semen Gresik is a "key piece" of its global diversification strategy.

Cemex also said in a press release that it is confident of the long-term economic prospects of both state-owned PT Semen Gresik and Indonesia.

As reported earlier, the Indonesian government said Cemex had won the bidding to buy 14 percent of its stake in the cement producer at a price equivalent to $1.38 per share.

Cemex also said it plans to buy a further 6 percent of Semen Gresik on the Jakarta Stock Exchange.

The Indonesian government will retain a 51 percent stake in the company following completion of the transaction.

Cemex chief executive officer Lorenzo Zambrano said in the release that "the company maintains its confidence in the perspectives of growth and prosperity in the long term in Indonesia and continues seeing this country as an excellent option for international investment."